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Inflation surges 15% in Qatar - 2007/05/28 08:31
QATAR’S record inflation continued in the first quarter of 2007, touching nearly 15% year-on-year mainly due to surging rent, fuel and energy prices. The inflation increase comes at a time when the government is making efforts to bring it down to a target of 6-7% in the next two years. In 2006, it had reached an all-time high of 11.86%.
Both Prime Minister HE Sheikh Hamad bin Jassim bin Jabor al-Thani and Finance Minister HE Yousef Hussein Kamal had told the recently concluded second Qatar Economic Forum that tackling inflation was a priority for the government.
The index for household consumption stood at 145.42 points in the first quarter of this year against 126.66 points in the corresponding period of 2006. The general price level jumped by 3.81% (Q1 2007) from 140.09 points in the last quarter of 2006, according to Planning Council data.
The index of rent, fuel and energy, constituting more than 20% of households’ consumption expenditure, rose by about 35% year-on-year in the first quarter. Compared with the last quarter of 2006, the index of the group showed a 9.24% jump, which an analyst said was quite “substantial”.
Among its sub-indices, monthly rent of dwelling and electricity charges rose by 35.45%, fuel alone (50%) and coal and other kinds of fuel (4.26%).
Food, beverages and tobacco prices rose by 6.31% in the first quarter of this year compared with the level in the same period of 2006, while its incidence was 0.53% when compared with last quarter of 2006. “The effect of food prices will start reflecting from the second quarter,” an analyst told Gulf Times.
There has been double-digit (year-on-year) growth in the index of fish and seafood (14.35%), potato and tubers (21.08%) and beverages (13.80%) in the first quarter of this year.
The index for food increased by 6.12%, milk, milk products and eggs (7.46%), meat (3.59%), fruits and vegetables (9.32%), sugar and sugar products (8.65%), tea, coffee and cocoa (5.21%) and other food (8.32%).
Medical care and Medical services’ index rose by 0.23% year-on-year in the first quarter of this year, while it was up 1.19% compared with the last quarter of 2006.
Dentists’ services were dearer by 3.60%, pharmaceutical products and medical supplies by 0.93% and other medical services and tests by 0.93%, while that of doctors’ services fell by 5.66% year-on-year in the first quarter of 2007.
The index of transport and communications’ was up 2.55% year-on-year, while it showed 0.05% jump compared with last quarter of 2006.
Among the transport sub-groups, tires and spare parts showed 13.66% jump, personal transport equipment (5.91%), requirements of personal transport (7.41%), land transport (2.59%) and air transport (3.20%).
Among the communications sub-group, mail services became costlier by 18.25%, while the services of telephone, fax and Internet became cheaper by 14.79%.
Garments and footwear prices were up 12.77% in January-March this year against the year-ago period. It was 1.50% when compared with the last quarter of 2006.
The index of the group stood at 123.21 points in the first quarter of this year compared with 121.39 points in Q4 2006 and 109.26 points (Q1 2006).
Clothes’ prices were up 19.64%, tailoring of clothes (17.14%), garments (6.91%) and footwear (15.55%).
The index for furniture, textiles and home appliances showed 4.21% year-on-year growth, while it was up 1.56% compared with the last quarter of 2006.
Furniture, furnishing and its maintenance cost grew by 16.48%, main home appliances and its furnishings (7.42%), washing machines, dryers and dish washers (11.63%), home cleaning devices (13.46%), cleaning, decontamination materials and air refreshers (6.05%) and washing, cleaning and ironing of clothes (4.81%).
The index of entertainment, recreation and culture was up 5.11% year-on-year, while it rose 0.25% compared with the last quarter of 2006.
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